I’ve been slowly accumulating Bitcoin since around 2011 and told my mum about it in my excitement when it surged in December 2017. It’s painfully true when people advise to never tell people that you own Bitcoin, even if they are close family.
In January this year, she asked me to show her how to use a Bitcoin exchange, with the intention of investing long-term with some savings she had.
I figured it was time to give her ‘the talk’ so I told her that I never invested to make money, but to support this amazing new technology: an anonymous decentralised currency, and explained how cryptocurrencies and the blockchain work.
I also told her the risks and warned her of the volatility of this asset, and advised that she shouldn’t invest anything she was willing to lose, and that a long-term approach is probably the most sensible.
After ONE MONTH she impulsively sold at £28300 (barely breaking even, luckily) because of the bad press Bitcoin was getting.
Now, with Bitcoin picking up traction again, she’s told me she wants to buy in again, at £33500.
Despite my best efforts, she indirectly refuses to take my advice because I’m “not an expert”. And it pains me to see her risking her savings as an amateur ‘investor’ with a weak and spontaneous mentality in an extremely unpredictable market.
So I was wondering if anyone could please recommend a reputable book/video/resource I could give to her that will change her outlook on such reckless investing?
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